Credit Suisse unit inks deal with OCC over BSA/AML obligations

Credit Suisse

The New York branch of Credit Suisse reached a deal with the Treasury Department’s Office of the Comptroller of the Currency (OCC) over compliance with its Bank Secrecy Act and anti-money laundering (BSA/AML) obligations.

In late May, the OCC took over supervisory authority of the branch from the New York State Department of Financial Services (NYDFS) after the bank’s application to convert to a federal branch was approved, according to a written agreement between the agency and bank.

In December 2020, while still registered in New York, the branch agreed to certain compliance undertakings with the Federal Reserve Board of Governors and NYDFS to shore up its BSA/AML compliance program.

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